Steve Cohen, the billionaire founder of Point72 Asset Management, dipped his toes into Bitcoin after being influenced by his son’s enthusiasm for the cryptocurrency.
In a recent CNBC interview, Cohen shared how his son’s keen interest prompted him to experiment with a transaction on Coinbase. However, he admitted to not actively monitoring Bitcoin’s movements, indicating that it’s not his primary focus.
Cohen remains undecided on Bitcoin’s potential, suggesting that its true value lies in the development of practical applications within the broader ecosystem.
Initially skeptical, Cohen’s perspective shifted as he delved deeper into the crypto space, leading his investment firm, Point72 Ventures, to participate in funding rounds for crypto-focused companies like Messari and Radkl in 2021.
Despite his background in traditional finance, Cohen’s involvement in the crypto sector has been notable, with Point72 Ventures recently leading a funding round for D2X, a crypto derivatives exchange licensed by the Dutch Authority for Financial Markets.
While Cohen’s reputation stems from his success in traditional finance, his ventures into the crypto space underscore a growing interest among established financial figures in exploring the potential of digital assets.